Be On the Outlook for Tax Reporting Forms
With tax season upon us, documents reporting income, sales and other items needed for your 2022 tax return should have arrived or will be arriving soon. Be on the lookout for them and be careful not to accidently discard any. Here are some of the common tax forms you need to be watching for depending…
What You Need to Know About Converting an S Corp to a C Corp
The type of business that you’re running has major implications in virtually all areas of your operations, especially when it comes to federal taxes. An S Corporation (or S Corp for short) is one that passes corporate income, losses, deductions, and credits to its shareholders. A C Corporation (or C Corp for short) is one…
Married? Know Your Filing Options
Married taxpayers generally have the option to file a joint tax return or separate returns, a filing status commonly referred to as married filing separate (MFS). If you are married and you and your spouse are filing separate returns, or are considering doing so, you should read this article before making that decision.Depending on whether…
Tax Season Preparation Tips
We thank you for choosing Lewis & Knopf CPA, P.C. as your tax advisor. We truly appreciate your business, and we look forward to working with you this upcoming season. Below is a list of best practices to keep in mind when working with us to prepare your tax return. We will do our best…
10 Red Flags for IRS Audits
Even though the overall IRS audit rate is currently low historically, it’s expected to increase as a result of provisions in the Inflation Reduction Act signed into law in August. So it’s more important than ever for taxpayers to follow the rules to minimize their chances of being subject to an audit. How can you…
Wonder What a Tax Deduction Is Worth?
Individuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because some deductions are “above the line”, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not…
Start Off on the Right Foot for the 2023 Tax Year
If your 2022 refund or balance due turns out not to be the desired amount, you may want to consider adjusting your withholding based on your projected tax for 2023. If you need assistance, please call this office. W-9 Collection – If you are operating a business, then you are required to issue a Form…
Selling Your Home?
Be sure you understand the home sale gain exclusion If you’re thinking about selling your home, it’s important to determine whether you qualify for the home sale gain exclusion. The exclusion is one of the most generous tax breaks in the tax code, so be sure to review its requirements before you sell. Exclusion requirements…